5 Step Guide to Investing in Stowe Property for Sale
Have you ever hiked the Green Mountains in Vermont? If yes, you must have ogled at the breathtaking sight of the village below. Welcome to Stowe, VT, the Ski Capital of the East. It is impossible not to fall in love with the historical town which was chartered in 1796. The scintillating scenery and the fantastic snow-runs make the city an ideal getaway from the hustle and bustle of the city.
If you have been looking for a real estate investment opportunity, you have it in this town. Not only is the market awash with nice properties for sale, there are also new ones coming up. A recent study shows investors are grabbing properties off listings with 56 homes sold recently.
Your property will become an invaluable part of your investment portfolio because when you are not using it, there are always visitors to rent it out to. Indeed, your property agent will handle leasing and tenant agreements when you are away and this ensures a constant flow of income. So, how do you get the most out of this market? Here are some thoughts.
- Evaluate Your Needs
According to the National Association of Realtors (NAR®), over 65% of investors make the wrong purchases because they don’t consider their needs. A report on Forbes shows that over 50% of homeowners are not happy with their investments because they didn’t really know what they wanted. Before looking through Stowe property listings, make sure you know the type of investment you want to make.
- Contact a Local Realtor
One of the major pitfalls with modern investors is assuming they can handle everything now that listings are available online. Well, it is not that easy. Local agents know everything about the market having worked here for decades. They know the best neighborhoods, all Stowe property for sale, hot buys and those that are hard to resell. They will offer this expertise to help you make the best business decision.
- Go Online
Investment in the property market is now easy because you can view listings online. If you don’t have the time to visit and check the property you are investing in, you can get virtual tours of the property. You are also able to view multiple photos of the property to assist you make a choice. Descriptions for the property are also provided online to make it easier to understand where you are putting your money.
- Do Your Math
Investing in Stowe, VT, is the best financial decision to make, but you still need to do the math to ensure high ROI. For instance, if you will be renting out then look at the current market rates and calculate the rate of returns. You should also look at the tenancy rate in the neighborhood where you are buying.
This is a crucial step in any real estate investment. You need to appreciate that rates are still high and financing restrictions are tougher than before. Your mortgage broker will help you identify the best rates. The best idea is to save as much as possible for the down payment before applying for a mortgage.
Well, this is the best financial decision you have made. Now start making a checklist for the property type you want.